Contact: Whirlpool Corporation
Media: Whirlpool Corporation Press Office, 269/923-7405
Financial: Joseph Lovechio, 269/923-2641
WHIRLPOOL CORPORATION REPORTS FOURTH-QUARTER AND RECORD FULL-YEAR EARNINGS
Full-Year 2013 GAAP EPS Up 102 Percent; Full-Year Ongoing Business Operations EPS Up 42 Percent
Company Expects Sales Growth and Margin Expansion to Continue In 2014
BENTON HARBOR, Mich., January 30, 2014 - Whirlpool Corporation (NYSE: WHR) announced today fourth-quarter GAAP net earnings of $181 million, or $2.26 per diluted share, compared to net earnings of $122 million, or $1.52 per diluted share, reported for the same prior-year period. Adjusted diluted earnings per share(1) improved to $2.97, compared to $2.29 in the prior year, mainly driven by higher sales, ongoing cost productivity and the benefit of cost and capacity-reduction initiatives.
Sales in the quarter were $5.1 billion compared to $4.8 billion during the same prior-year period. Excluding the impact of both foreign currency and Brazilian (BEFIEX) tax credits, sales increased approximately 7 percent led by strong growth in North America and Latin America.
“The strong execution of our plans resulted in a record year of earnings," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. “We continue to grow revenue, expand margins and increase our investment capacity, positioning us well as we enter 2014.”
Fourth-quarter GAAP operating profit totaled $354 million, compared to $258 million in the same prior-year period. Adjusted operating profit(2) totaled $386 million, 7.7 percent of sales, compared with $309 million, 6.5 percent of sales, in the same prior-year period. Higher sales, ongoing cost productivity and the benefit of cost and capacity-reduction initiatives more than offset higher material costs, foreign currency and increased investments in marketing, technology and products.
The following information was filed by Whirlpool Corp (WHR) on Thursday, January 30, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.